NATIONAL INSURANCE CORPORATION (NIC) LIMITED

Our background
The National Insurance Corporation Tanzania Ltd was first incorporated on 16th October, 1963 with the Government ownership of fifty one percent (51%) while forty-nine per cent (49%) was shared by Munich-Re, Swiss-Re and Colin Hood Insurance Brokers Limited. After the Arusha Declaration in February 1967, NIC was nationalized and became 100% owned by the Government and was the only insurance company in the country for about 30 years.

In 1996 the insurance industry was liberalized by the Insurance Act No. 18 of 1996, opening entry of private investors in the insurance sector. The legislation was later repealed by the Insurance Act No.10 of 2009, which brought in regulation of the insurance sector, through the Tanzania Insurance Regulatory Authority. With our current increase premiums of 43% on digitization; service provision to our customer have been made more accessible, simplified and time sensitive.